Business Segment Information

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

The Company has two reportable segments, including banking activities and mortgage banking activities.

In the fourth quarter of 2012, a decision was made by management to sell a reinsurance subsidiary held by Sidus. As a result of this decision, Sidus reclassified its investment in the reinsurance subsidiary to held for sale and wrote down its investment by $1.0 million to the estimated fair value at December 31, 2012. The sale of the subsidiary closed in the first quarter of 2013. In addition, at the beginning of 2013, the Company dissolved Sidus and is no longer doing business as Sidus. All mortgage banking activity beginning in 2013 is at the Bank.

The following table details the results of operations for the three and nine months ended September 30, 2013 and 2012 for bank activities and mortgage activities.

	Bank Activities		Mortgage Activities		Other (1)			Total
	(Amounts in thousands)
For Three Months Ended September 30, 2013
Interest income	$	18,375	$	95	$	—		$	18,470
Interest expense	2,157		—		177			2,334
Net interest income	16,218		95		(177		)	16,136
Provision for loan losses	40		—		—			40
Net interest income (loss) after provision for loan losses	16,178		95		(177		)	16,096
Other income	3,645		1,713		23			5,381
Other expense	12,610		1,444		96			14,150
Income (loss) before income taxes	7,213		364		(250		)	7,327
Income taxes	2,616		—		—			2,616
Net income (loss)	$	4,597	$	364	$	(250	)	$	4,711
Total assets	$	1,793,225	$	17,923	$	2,369		$	1,813,517
Net loans	1,312,423		—		—			1,312,423
Loans held for sale	—		12,632		—			12,632
For Nine Months Ended September 30, 2013
Interest income	$	55,033	$	363	$	—		$	55,396
Interest expense	7,527		—		560			8,087
Net interest income	47,506		363		(560		)	47,309
Provision for loan losses	332		—		—			332
Net interest income (loss) after provision for loan losses	47,174		363		(560		)	46,977
Other income	9,626		7,545		50			17,221
Other expense	37,723		4,162		322			42,207
Income (loss) before income taxes	19,077		3,746		(832		)	21,991
Income taxes	7,822		—		—			7,822
Net income (loss)	$	11,255	$	3,746	$	(832	)	$	14,169

(1) Included in this column are Holding Company assets and Holding Company income and expenses.

	Bank Activities			Mortgage Activities			Other (1)			Total
	(Amounts in thousands)
For Three Months Ended September 30, 2012
Interest income	$	19,238		$	208		$	—		$	19,446
Interest expense	3,985			61			211			4,257
Net interest income	15,253			147			(211		)	15,189
Provision for loan losses	4,254			(3		)	—			4,251
Net interest income (loss) after provision for loan losses	10,999			150			(211		)	10,938
Other income	3,060			1,599			6			4,665
Other expense	13,589			1,192			11			14,792
Income (loss) before income tax expense	470			557			(216		)	811
Income tax expense	54			—			—			54
Net income (loss)	$	416		$	557		$	(216	)	$	757
Balance Sheet Information as of December 31, 2012
Total assets	$	1,890,906		$	31,500		$	1,032		$	1,923,438
Net loans	1,284,355			—			—			1,284,355
Loans held for sale	—			27,679			—			27,679
For Nine Months Ended September 30, 2012
Interest income	$	59,641		$	538		$	—		$	60,179
Interest expense	13,215			90			636			13,941
Net interest income	46,426			448			(636		)	46,238
Provision for loan losses	8,842			(22		)	—			8,820
Net interest income (loss) after provision for loan losses	37,584			470			(636		)	37,418
Other income	8,134			4,412			35			12,581
Other expense	40,781			3,297			24			44,102
Loss before income tax expense	4,937			1,585			(625		)	5,897
Income tax expense	(9,329		)	—			—			(9,329		)
Net loss	$	14,266		$	1,585		$	(625	)	$	15,226

(1) Included in this column are Holding Company assets and Holding Company income and expenses.